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May 12, 2006

First 2006/07 WASDE projections push futures even higher today, already at multi-month highs
Commercial sales report illustrates complete evaporation of export interest due to high prices
Durum and white wheat are major exceptions, still priced competitively on strong supplies and not being tied to volatile markets
White wheat cash prices rose 8 cents/bushel this week, compared to 15 cents/bu for SRW. SRW now at a 46 cents/bu premium to white wheat
Basis in Gulf and Lakes essentially unchanged from last week, now at parity with transportation costs, probably will not decline despite higher futures
Ocean and barge freights show a small tick upward, rail comes down
Dollar continues to dive against any currency not tied to it, despite rise in interest rates

(See attached file: PR060512pub.pdf)(See attached file: PR060512pub.xls)

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